The double meaning of what investors say and what they really mean is explored in episode five of Hedge Fund Lions’ Den.

Luke Ellis, president of Man Group, enlightens Charles-John (CJ) Donley and Robert Toffel from Strategis Capital Management on the hidden meaning of investor responses.

Neil Meadows of Laurentia Funds talks with Andrew McCaffery of Aberdeen Asset Management about returns and risk management while Stanley Fink, CEO of ISAM, quizzes Donley and Toffel about the BNP Paribas note on offer.

Christina McGuire and Gordon Eichhorst from Aperios Partners Investment want to know what it takes for investors to put money into smaller managers and are questioned about alpha generation by Fink.

Ellis voices concerns about emerging markets and correlation with Aperios while McCaffery wants to know about risk management in relationship to country-specific exposures in China and generally in Asia.

The final episode where the lions make their allocations airs December 16.